fha loan after a foreclosure with extenuating circumstance?
We have never been late on a payment , have a 700 credit score and can meet the income test. We had to walk away from a very expensive home because we were victims of fraud and lost our investment income. The result was a foreclosure. This was a once in a lifetime mishap and will never happen again. Should we apply for an FHA loan under the extenuating circumstance clause? Is there a chance that we will get a loan?
- Anonymous8 years agoBest Answer
Yes, there is a chance, but the details of your circumstances will determine how easy or hard it is to get a loan. How long ago was the foreclosure? Where about do you live? How long did you make house payments for? Those questions will help determine the likelihood.
- 8 years ago
Since FHA guidelines are constantly changing you may be able to be approved for the FHA loan. The only question is when the foreclosure occured. If it was longer than 3 yrs ago then there is a greater chance as oppose to less than 3 yrs ago. A foreclosure can stay on the books longer than you think depending on what type of foreclosure it actually was.Source(s): 16 yrs real estate Escrow & Title Loans
- 8 years ago
If your scores are 700, I'm guessing that the foreclosure was quite some time ago. You may be asked to provide some documentation about the foreclosure, but it shouldn't keep you from buying another home.
- real estate guyLv 78 years ago
I doubt it, but talk with a lender.
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- Anonymous8 years ago